Petrochina Profits Sink As Weak Prices, Oversupply Bite

Reuters

BEIJING, Aug 24 (Reuters) - PetroChina Co Ltd, the country's largest oil and gas producer, reported sharply lower profits for the first half of the year, hit by slowing demand growth for refined products, an oversupply of crude and weak prices.

Faced with the worst downturn in the oil sector in a generation, the state-owned company said profit attributable to its owners plunged to 531 million yuan ($79.84 million), down from 25.4 billion yuan in the same period last year.

Turnover sank 15 percent to 739.1 billion yuan from 877.6 billion last year due to lower prices of crude oil, natural gas and refined products, it said.

(Reporting by Josephine Mason; Editing by Christian Schmollinger)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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